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Updated about 5 years ago, 10/14/2019
2-4 multi family in brooklyn, new investor
Hi,
i'm in NYC and completely new to multi family investing. I have however worked for clients that have successfully bought and renovated multi family houses in the Brooklyn area. I've definitely been on the wrong side of the deal, I've gotten a fee but the greater profits come from coordinating the whole deal.
im an experienced architect so due diligence, navigating permits, contractors and construction I can handle but I'm a complete newbie when it comes to the best way to finance.
id be looking at finding a good deal in a sagging market, completing a facelift renovation on all units then occupying one unit.
i have an investor that will partner up in the venture with a legal background and we've narrowed down area, lot size, price point etc.
my long winded way of asking a simple question is where do I start with obtaining a loan for financing? I've researched FHA etc., I'd love to hear from others who've been in the same position and what they've done before I jump into the arms of a mortgage broker.
i have great credit and earn a decent wage but from the preliminary research I've done it's a bit of a minefield out there and NYC is a beast in it's own right. Any help for this rookie would be appreciated.
thanks in advance